(New York) Oil prices rebounded on Monday, buoyed by the US government’s decision to buy back oil to replenish its reserves, as well as signs of demand resistance.
The price of a barrel of Brent from the North Sea, for delivery in February, gained 0.96%, to close at 79.80 dollars.
As for barrels of American West Texas Intermediate (WTI), for delivery in January, it took him 1.21%, to 75.19 dollars.
For Phil Flynn, of Price Futures Group, the decision, announced on Friday, of the United States to begin to increase their so-called strategic reserves (SPR) again “offered a floor” to prices.
Since the beginning of September 2021, the government of President Joe Biden has drawn 239 million from the SPRs, or nearly 40% of the total (38.4%), in an attempt to relieve crude prices, but also gasoline prices. .
Strategic reserves are currently at their lowest level since January 1984.
The first call for tenders concerns three million barrels.
For Phil Flynn, despite the fear of an economic slowdown, certain indicators show that demand is still robust.
He notably mentioned the figures published Monday by the firm JODI, which showed that world demand remained significantly higher than its level of last year.
The analyst also sees the prospect of an acceleration of the Chinese economy as elements of price support.
But, for Edward Moya, of Oanda, the signals coming from China are still “mixed”.
The Institute for Health Data and Evaluation (IHME), an American organization, predicts that COVID-19 could kill nearly 300,000 people in China by the end of March, due to the relaxation of health measures.
In addition, black gold benefited from the arrival of a cold front which will invade a good northern half of the United States this week and cause the temperature to drop above -20°C in many regions.
The phenomenon should in particular increase the demand for heating oil.
On the natural gas market, the European benchmark contract, the Dutch TTF, fell by nearly 8% on Monday, to 106.60 euros per megawatt hour.
It is very far from the ceiling set at 180 euros by the Member States of the European Union, which agreed on Monday on a mechanism aimed at containing gas prices in times of tension.